The project involves providing a rupee loan equivalent to $75 million to Infrastructure Development Finance Company Ltd (“IDFC” or the “Company”) to be utilized for making investments in renewable energy (“RE”) and cleaner production (“CP”)/ energy efficiency (“EE”) projects. This project is part of IFC’s climate change strategy of partnering with financial intermediaries to scale up the impact for climate change projects in India. IDFC was established in 1997 as a specialized financial intermediary to lead private capital into commercially viable infrastructure projects in India. Over the years, IDFC has grown into one of the leading financial institutions in India and is the largest financial institution in India exclusively focused on infrastructure financing. It also has a strong track record in offering policy advisory services to central and state governments. In recent years, IDFC has been focusing on de-risking its business model by diversifying into non-interest income based businesses, such as proprietary equity investments, asset management and investment banking. It currently has an asset base of around US$7 billion equivalent, a net worth of around $1.5 billion equivalent and reported a net profit of $158 million for the 9 months ending Dec 31, 2009.